$BTC Emergency Market! Bitcoin plummets 2000 points in the afternoon, Ethereum falls below the 3700 mark! When will the bulls see a turnaround after the rout?
Bitcoin shows a one-sided downward trend during the day, rebounding slightly to around 118600 after falling from a high of 120320 to a low of 117860. Ethereum also weakens, rebounding to around 3675 after hitting a low of 3640. In the afternoon, the short position strategy given by Cloud Deer accurately captured the downward trend, with Bitcoin successfully capturing a space of 702 points, and Ethereum capturing nearly 70 points.
From a technical perspective, 119200 above Bitcoin constitutes short-term resistance, while 118000 below is a key support level. If it fails to hold, it may test the weekly support at 117200; the 3700-3720 range forms a pressure band for Ethereum, with 3650 being the dividing line for bulls and bears during the day. In terms of indicators, Bitcoin's 4-hour MACD shows a dead cross but RSI touches the oversold area, while Ethereum's 1-hour KDJ shows a low-level golden cross. From a four-hour perspective, the trend is still slightly bullish as it is a volatile market; the conversion between bulls and bears will also be relatively frequent, with the periods of switching between the two observing both strength and weakness. The current structure temporarily maintains above the 118000 mark, with rebound strength weakening, and bulls slowing down. Before breaking out of the range, continue to focus on short-term oscillations; after the bulls and bears break out, low long positions can follow up.
Bitcoin suggestion: You can try a small long position near 118000-118500 (stop loss at 117500), with a target of 119500, or short when it rebounds to 119200 (stop loss at 119800).
Ethereum suggestion: Light long near 3640 (stop loss at 3620), target 3720.
A crash is the market's most profound classroom; it teaches us to respect risks, uphold discipline, and makes us understand that true investment wisdom often arises from calm reflection during account shrinkage, rather than from celebration during surges.
